What is revocation when it comes to Vancouver Real Estate contracts?
The definition ~ the official cancellation of a decree, decision, or promise.
What does it mean in Vancouver Real Estate? If this has happened to you you will know how much it hurts.
Simply put. If you revoke an offer; you have cancelled the contract you had sent to the other party signed and agreed on. If they had not signed back, texted or emailed that they have accepted the offer you can pull out – legally.
To explain it in plan for here is an example:
Your listing has an offer come in on it at $740,000 (offer #1). You counter that offer to the buyer at $755,000.
All of a sudden someone else sends an offer at $760,000 (offer #2). Obviously as the seller you want that offer #2. If offer #1 has not responded to your offer and has not signed or acknowledged they will be accepting your offer – you can revoke but you need to do it fast.
You need to email, text and then call that you are officially revoking your counter offer. This officially cancels your counter offer to offer #1. This person will say you cannot do that and it is illegal. You will say I am sorry but it is legal and we do have another offer which is why we are revoking.
You can still look at both offers now and deal with it as you please. Typically offer #1 will be upset and not want to offer again. The good news, offer #2 is ready to go.
Why do I know this? Well because it happened to me and was not pretty…! I have had the “pleasure” of doing this on behalf of my sellers when there was an opportunity to get a better offer and although I do not enjoy the conversation the goal is to get my seller more money. And if revoking the offer is the way to do so then it must be done. As a Vancouver Realtor it is my duty to get my seller the most money and every once in awhile this has to be done to do so.
The last time I had to revoke a counter my seller earned an additional $18,000 on the sale price. Nothing major changed in my fee on a percentage basis but my seller was to the moon! #2602-1351 Continental
Lessons in Real Estate and offers
What has this taught us?! As a buyer, if you are going to accept an offer do it fast. Because before you know it it can be taken away from you. Your Realtor should be able to get you the contract within seconds of receiving it from the other party. If your Realtor cannot use an online signing system you may want to send them links to docusign or authentisign. Of they are too frugal to pay for the program you may want to hire someone else!
Besides, if you have subjects on your offer you can walk away from it at any time during the subject removal process. May as well lock it up so nobody can take it away from you without you making the call.
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